SHENZHEN, China, Dec. 19,
2024 /PRNewswire/ -- X Financial
(NYSE: XYF) (the "Company" or "we"), a leading online personal
finance company in China, today
announced that it has entered into a repurchase agreement with a
major shareholder on December 16,
2024, pursuant to which the Company will repurchase
6,349,206 American depositary shares ("ADSs"), representing
38,095,236 Class A ordinary shares of the Company, at a price of
US$7.67 per ADS with a total
repurchase price of approximately US$48.7
million (the "Repurchase").
In order to complete the Repurchase, the Company's board of
directors (the "Board") approved a new share repurchase plan under
which the Company may repurchase up to US$50
million worth of its Class A ordinary shares, including the
Class A ordinary shares represented by ADSs, effective until
June 30, 2026. Upon completion of the
Repurchase, the Company's two previous share repurchase programs
will complete, and approximately US$15.9 million will
remain for future potential repurchases under the new US$50
million share repurchase plan.
Mr. Frank Fuya Zheng, Chief
Financial Officer of the Company, commented, "We are pleased with
this share repurchase agreement as it reflects our confidence in
our long-term growth potential and our commitment to enhancing
shareholder value. This repurchase also underscores our robust
financial position. We are committed to a thoughtful and balanced
approach to capital management to ensure that we continue to
prioritize both growth opportunities and shareholder value
creation."
"In 2024, we returned a total of approximately US$76.0 million in value to our shareholders
through dividends and share repurchases, including US$16.5 million in cash dividends, US$9.2 million in the tender offer, US$48.7 million in the recent repurchase
mentioned above, and US$1.6 million
in other repurchases. The total number of shares repurchased in
2024, including both ADSs and Class A ordinary shares, was
equivalent to approximately 52.2 million Class A ordinary shares,
or 17.8% of our ordinary shares issued and outstanding as of
December 31, 2023. Going forward, we
remain committed to delivering profitable growth and returning
value to our shareholders through ongoing dividends and share
repurchases."
Under the new share repurchase plan, the repurchase may be made
from time to time through various means, including open market
transactions, privately negotiated transactions, and through other
legally permissible means, depending on market conditions and in
accordance with applicable rules and regulations. The manner,
timing and amount of any share repurchases will be determined by
the Company's management in its discretion based on its evaluation
of various factors. The Company expects to fund the new repurchase
plan out of its existing cash balance.
About X Financial
X Financial (NYSE: XYF) (the "Company") is a leading online
personal finance company in China.
The Company is committed to connecting borrowers on its platform
with its institutional funding partners. With its proprietary big
data-driven technology, the Company has established strategic
partnerships with financial institutions across multiple areas of
its business operations, enabling it to facilitate and
originate loans to prime borrowers under a risk assessment and
control system.
For more information, please visit:
http://ir.xiaoyinggroup.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These statements can be identified by terminology such
as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "potential," "continue," "ongoing,"
"targets," "guidance" and similar statements. The Company may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Any statements that are
not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
followings: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the credit industry, and marketplace lending in
particular, in China; the demand
for and market acceptance of its marketplace's products and
services; its ability to attract and retain borrowers and investors
on its marketplace; its relationships with its strategic
cooperation partners; competition in its industry; and relevant
government policies and regulations relating to the corporate
structure, business and industry. Further information regarding
these and other risks, uncertainties or factors is included in the
Company's filings with the SEC. All information provided in this
announcement is current as of the date of this announcement, and
the Company does not undertake any obligation to update such
information, except as required under applicable law.
For more information, please contact:
X Financial
Mr. Frank Fuya Zheng
E-mail: ir@xiaoying.com
Christensen IR
In China
Mr. Rene Vanguestaine
Phone: +86-178-1749 0483
E-mail: rene.vanguestaine@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE X Financial